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Yellow Brick Road to acquire nonbank lender


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Yellow Brick Road to acquire nonbank lender

Yellow BrickRoad Holdings Ltd. unit Loan Avenue Holdings Pty. Ltd. agreed toacquire nonbank lender Loan Avenue Pty. Ltd. in a A$4.1 millioncash-and-stock deal.

The consideration will be comprised of A$2.6 million incash, 2,596,153 shares in Yellow Brick Road at an agreed issue price of 26cents per share and deferred cash consideration of A$450,000.

The purchase will give the company a strong distributionfootprint in South Australia and diversify its mortgage book geographically.

The transaction is expected to be completed May 31.

As of May 10, US$1 wasequivalent to A$1.36.